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Wellington Defies National Property Trends

Wellington’s Watermark Defies National Property Trends

The top end of Wellington’s property market continues to defy national trends with strong sales recently for high-end residential apartments.

Land Equity director for The Watermark development Donald Stott said spring seemed to kick start a new wave of interest and sales in the exclusive residential development based around the John Chambers building between the Michael Fowler Centre and Te Papa.

“Our sales now exceed $100 million, but what has surprised us is the top end of our offering for properties worth more than $3.5 million and up to $12 million for the penthouse has all but sold out.

“We now have only one remaining residence in this price bracket which is a very positive result,” Mr Stott said. “Another surprise has been buyers wanting larger apartments than we had anticipated.

“It was an easy problem to solve. We simply amalgamated some of the residences and reduced the overall number from 55 to 45 properties,” he said. “Rather than easing off, the market for The Watermark seems to have gained momentum through spring.”

Mr Stott said that most of the remaining residences have superb harbour views, are two to three bedrooms with excellent light and sun and are fitted out to the same quality standard as the penthouses.

Mr Stott said the old markets building would be demolished in February and the jarrah timber would be extracted and stored for recycling as feature walls in the new building and the restored John Chambers.

A small amount of retail will form part of the ground floor.

ENDS

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